The Nairobi Business Monthly was the first media outlet to call out commercial banks for failing to lower lending rates as directed by the Central Bank. In the last two Monetary Policy Committee (MPC) meetings, the regulator eased the Central Bank Rate, which signals how banks should price loans. However, banks treated these policy directives as mere suggestions and failed to implement the reductions. This week, the regulator has summoned the CEOs of the banks to question them on why they have failed to pass on the benefits to both domestic and business borrowers, who are struggling with a sluggish…
Author: NBM CORRESPONDENT
In discussions surrounding energy access in Africa, there is a strong consensus that the current pipeline of gas projects on the continent has reached unprecedented levels of development. To compete in the dynamic global gas market, Africa must leverage its resources to deliver both financial and environmental sustainability to stakeholders. A key solution lies in the deployment of Floating Liquefied Natural Gas (FLNG) technology, which has the potential to unlock stranded offshore gas resources, accelerate project timelines, and enhance domestic energy security alongside export revenues. This technology simplifies the development of offshore resources, positioning it as a crucial element in…
A residential building under construction collapsed in Majengo Ward, Mombasa, on Monday morning, November 11, leaving one person dead with four critically injured. According to an initial report by National Construction Authority (NCA), soil saturation caused by a nearby soakage pit, may have led to the collapse of the 17-storey residential building that was still under construction. At the time of the collapse, workers were excavating on one half of the property while laying foundations on the other. NCA said the building had obtained all the necessary statutory approvals, dismissing claims that lack of compliance could have contributed to the…
Big shocks in the homestays space as love for serviced suites and apartments outpaces that of Airbnb For some travelers, staying in a home or apartment as a guest who is paying, offers a thrilling experience. There’s no better feeling to live with an individual or a family enjoying a furnished room, and getting a chance to use facilities including laundry, kitchen, parking, swimming pool, library, dryer…. In 2019, when the concept of short and long-term stays was hip, thanks to AirBnB, most players in the rental market struggled to stay afloat. The pandemic era made the situation worse, as…
While there are plenty of people threatening to leave the country following Donald Trump’s Election Day victory, most of those vows fall by the wayside when they learn they’ll have to give up their U.S. citizenship. But for those who are still looking for an escape, a cruise line specializing in multi-year journeys has a suggestion. Villa Vie Residences, which was behind the 3.5-year cruise for remote workers that set sail earlier this year, has announced a four-year long “Skip Forward” cruise, which will dock at 425 ports across 140 countries. Prices for the life at sea start at $40,000…
Britam has launched Female Wellness Cover, Malkia, an affordable annual cover tailored to meet the diverse health and wellness needs of women, offering both medical and non-medical benefits. With premiums starting at Sh620 yearly, the cover provides a cash back benefit after diagnosis of medical conditions such as cervical, ovarian, and breast cancer. It also covers treatment of skin related conditions and artificial intelligence (AI) assisted pregnancy support for women. Britam will leverage on Malkia, a cover that offers financial relief for some of the most critical health concerns women face today – upon the diagnosis of cervical, ovarian, or…
By Desmond Odhiambo A recent ruling by the Employment and Labour Relations Court of Kenya marks a significant milestone in the country’s employment landscape, particularly in the context of internships and the treatment of individuals and any worker who falls under this classification. Now the Kenyan employment landscape must pay attention, because this landmark decision, which found the Teachers Service Commission (TSC) guilty of unfair and discriminatory practices by employing qualified teachers as interns, has far-reaching implications for employers across various sectors. At its core, the ruling answers one fundamental question: Should interns be considered employees under Kenyan law, especially…
The government, in collaboration with the Kenya Tourism Board and Magical Kenya, has launched the 2024 Magical Kenya Travel Expo to showcase diverse tourism services, ignite new opportunities, and promote collaborations within the tourism sector. Speaking during the opening ceremony held on Wednesday at Uhuru Gardens in Nairobi, Cabinet Secretary for Tourism Rebecca Miano stated that the exposition aims to foster discussions on how to promote Kenya as a tourism destination. “We intend to double our numbers and have formulated a strategy that was presented to President William Ruto,” she added. She announced that the Ministry of Tourism and Wildlife…
Spectators at the Africa Concours d’Elegance will see seven rare Alfa Romeo cars contesting the event at the Nairobi Racecourse on Sunday, September 29. This year’s Concours will be the 52nd in the annual series and will feature a variety of makes and types of cars and motorcycles, with the Alfas leading the parade. Alfa Romeo is an Italian luxury model that has been in production for over 100 years but only a handful of the cars are seen on Kenya roads. The seven Alfas in the Concours will be spread across the touring car classes, the rally and the…
The first roadside truck stopover complex has been opened along the Northern Corridor at Sultan Hamud along the Nairobi-Mombasa highway. According to the developers, Superior Homes Kenya, the complex, dubbed “Supastop”, is valued at Sh350 million and seeks to promote road safety along the route and provide an all-in-one safe and secure resting point for long-distance truck drivers and travelers who park along the route daily. Supastop features modern amenities including a fuel station, ample and secure parking, affordable accommodation, restrooms, shower facilities, a health facility, convenience stores and eateries, prayer rooms and a, secure truck checkpoint. Speaking at the…